From what I hear from the experts here, they like to have at least a 30% equity position, so the market can drop that much and they can still sell out from under it without losing their shirts or any other articles of clothing.

Anyways, when shopping for a property I made sure that I could find something that I could sell in hurry without losing my shirt. 

To cover the upstairs windows i hung white dress shirts on hangers on the windows to keep people from seeing in.

I'm not sure how much construction you're doing but, usually, once you start moving doors and adding structure, your plans need to be stamped by an architect.

Those schools can be a tough business as lots of volume needed with students,testings, and selling gear,shirts etc.

If you're still going down that road, I would recommend convincing your partner that the first house should be small so that you minimize the risk, and to learn without losing your shirt, and only once you have a few wins behind you, you can up the game to bigger risks and homes.

Should he deed it over for a 1.00 to avoid the tax stamps ?

The trick to avoid losing your shirt in any litigation is to win your case before it ever goes to trial.

If they roll up to the showing in a car filled to the roof with old McDonald's bags, have mustard stains all over their shirts, and reek of smoke, I would find a way to not accept their application.  

Your S&S business cards and website and polo shirts are really just for you guys.